Hunting unveils more changes, asset sales as H1 profits rise

24th Aug 2023 07:50

(Sharecast News) - Energy services engineering company Hunting on Thursday said it was selling more non-core exploration and production assets to cut costs and further restructuring its operational footprint.

It also reported a surge in half-year earnings, with operating profit jumping to $26.2m from $1.7m a year ago.

Earnings before interest, taxes, depreciation, and amortisation were $48.7m, up from last year's $23.6m.

As part of the restructuring, its facility at Velsen-Noord in the Netherlands will be closed and activities in the country will be merged into a single location, Hunting said.

Its operating segment Hunting Titan had started the closure of its Oklahoma City operating site and would transfer the manufacturing of perforating systems to the group's Pampa, US and Mexico facilities.

Reporting by Frank Prenesti for Sharecast.com